Who says that condominiums in Baltimore, Maryland have to be for the elderly or more mature, retired buyers? Sure, many are moving out of a big house and looking forward to not having to worry about maintenance and enjoying the luxury of a full service building. Who doesn't like a doorman to help with your packages, a 24-hour receptionist to greet you, to take your mail, your messages, your dry cleaning? It's kind of like hotel living.
Well it hit me when I was showing my Park Towers West to a young mother with a beautiful six-month-old baby boy. Oh, it was hard for me to stay focused on showing the condo when there was this perfect young baby who I could make smile and coo. You know me, the former Pediatric nurse.
Anyway, the prospective buyer asked if there were any young people living in the building. My first thought (not expressed) well of course not! Aren’t condos just for ole folks? But I would not give that kind of answer instead we stopped at the receptionist desk and asked. To my surprise, we learned there is a 3-year-old and a 10-year-old living in the building, not in the same family.
Young people in a condo, there’s a novel idea in Baltimore. Yeah, yeah, I know in New York and other big cities there are lots and lots of kids who grow up in a high-rise buildings - there is no choice. It's not common here in Baltimore, though. But it got me thinking. With so many condominiums on the market with fantastically low prices, here is an opportunity for singles, young married couples, roommates, and college students to get into the housing market.
I also noticed that the ramps were perfect for strollers, and bikes not just wheelchairs and walkers.
I have one that is below $57,000 and is fully furnished (Clarks Lane). I have three under contract under $80,000 (Strathmore) including that lovely lady's the perfect gift, another is listed under $95,000 fully furnished (Tarragon in Reisterstown), another under $105,000 (Park Towers East), as well as a couple of Co-ops at 11 Slade. (Not sure what the difference is between a condo and a co-op? Just ask.)
But what about the high condo fees of $600, $700 a month or even more? Because those fees in many cases include the utilities, it is still more affordable than almost any single family home, and most of us believe renting is a waste! If this trend catches on, the prices will go back up and in a few years the buyers will have equity for their next home.
I see this as a new way to market all of my special properties. And, as these new buyers decide to move up, they might want to go to Annen Woods, or Rockland Hills Drive, or my latest listing at 8008 Derby Lane, an all brick Coach House, or down to Baltimore’s harbor area and Fells Point's Henderson Wharf or my Lancaster Penthouse.
So I am proposing to start a new trend. Let’s market to the younger generation, to students and first time buyers. This is a good investment for parents of law, medical and college students. Let’s think outside the box.
Get into the market for under $100,000 and figure in your condo payments. Then live like you are on vacation, in a hotel, with all the amenities of a full service building. You can live in a condominium in Baltimore. Are you ready to set a new trend?